Yesterday at a glance: US crude oil recovered back to $85.84 per barrel after dipping down to $83.86, in a session that followed Thursday's $85.75 close value.
This uncertain state for WTI crude oil is reflected by published market data as United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions released yesterday at 19:30 UTC with a figure of 1,500, while the previous figure was 8,500. United States CFTC Crude Oil speculative net positions came out at 251,500.
Crude Oil made an initial break below its 21 day Simple Moving Average at $84.74, a possible indication of a forthcoming negative trend. In contrast, West Texas crude is climbing away and is now $1.1 from the $84.74 support line.
Despite the market lacking direction, technical chart analysis strongly suggests West Texas crude is positioned for a downward move in the near term.
While US crude oil was pretty flat yesterday, mixed performances were seen elsewhere as Natural Gas is down to $5, losing 35.8 cents, after ending the previous session around $5.36. Heating Oil went up by 1.93% yesterday, and closed at $3.83. Brent Crude Oil improves 1.21% yesterday and closed at $92.38.
7 months ago US crude oil reached a significant high of $124.77 but has consequently lost 31.27% since then.